Rupee slips 0.6% against dollar ahead of RBI monetary policy
The rupee falls to 62.13 per dollar in early trade compared with its previous close of 61.78
Mumbai: The Indian rupee on Friday opened lower
against the dollar ahead of the mid-quarter monetary policy of the
Reserve Bank of India (RBI) scheduled at 11am.
The partially convertible rupee opened at 62.0450 per dollar compared with its Thursday’s close of 61.78.
At 9.13am, the Indian currency was trading at 62.1350,
down 0.59%, while India’s equity benchmark Sensex slipped 0.3% to
20,585.70 points.
The dollar index, which measures the US currency’s
strength against major currencies, was trading at 80.339, down 0.04%
from the previous close of 80.372.
Yield on the 10-year bond rose to 8.211% from its previous close of 8.193%.
In the monetary policy, Raghuram Rajan’s
first as the central bank governor, market expects RBI to keep rates
steady but initiate measures to relax tight liquidity conditions.
The central bank had imposed curbs on liquidity to check
speculators from raiding the domestic currency, which touched a low of
68.85 per dollar on 28 August. Since then, it has recovered 10.73%.
RBI may hold the repo rate at 7.25%, according to 36 economists in Bloomberg survey.
On Thursday, the US Federal Reserve said it will continue
to buy bonds worth $85 billion a month as part of its stimulus
programme to support the US economy and the banking system
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